Features | - Part 226

Violence in Congo as Thousands Urge President to Step Down

CONGO, Capital Markets in Africa: Protesters clashed with security forces across the Democratic Republic of Congo’s capital, Kinshasa, throwing rocks and burning tires as opposition parties marched to call on President Joseph Kabila to step down. Hundreds of armed police, military and presidential guard took up positions around the city center to prevent the protesters from reaching the government district. Agence France-Presse reported that two police officers were killed in clashes with protesters, citing government spokesman Lambert Mende. The…

Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure. Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s…

Fastjet Drops Airbus Jets for Embraer While Planning HQ Move

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Africa-focused discount airline Fastjet Plc will switch to a fleet of Embraer SA regional jets from larger Airbus Group SE planes as new Chief Executive Officer Nico Bezuidenhout seeks to stem losses by better matching capacity to demand. The fledgling carrier also plans to move its headquarters to Johannesburg from London to pare expenses and bring the company closer to its key markets, Bezuidenhout, who took over as CEO last month, said in an interview in the South African city, the…

Currencies to Politics Bedevil African Central Banks’ Task

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Africa’s major economies are taking diverging approaches to monetary policy as they struggle to cope with volatile currencies, slumping growth and political meddling. Ghana, Kenya, Nigeria and South Africa are set to announce interest-rate decisions this week in an environment marked by accelerating price growth and an economic slump in some countries and attempts by politicians to prescribe policy in others. While Nigeria’s central bank will probably take more aggressive action, South Africa,…

Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

Posted on by The Editorial Team

ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter. The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the…

Politicians in Africa’s Key Economies Aim at Central Banks

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Central banks in Africa’s largest economies are under attack as politicians’ campaign to limit regulators’ jurisdictions and demand changes to policy implementation. In South Africa, senior officials from the ruling African National Congress said the Reserve Bank should help support the rand and that its authority to issue banking licenses must be revoked. President Uhuru Kenyatta of Kenya, East Africa’s most advanced economy, signed a law capping commercial lending rates even as central…

Moody’s Puts 5 South African State Firms on Downgrade Review

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: Moody’s Investors Service has placed five South African state-owned companies on review for a downgrade due to concerns about governance and the political environment. The foreign currency long-term issuer ratings of Eskom Holdings SOC Ltd., the Development Bank of Southern Africa, Industrial Development Corp., the South African National Roads Agency Ltd. and the Land and Agricultural Development Bank were all placed on review for downgrade, the rating company said in separate statements Wednesday. Eskom’s rating…

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